Eximbank signs $ 5 billion loan deal with UAE oil company


Eximbank CEO Bang Moon-kyu (Export-Import Bank of Korea)

To provide financial support to South Korean companies with overseas contracts in the Middle East, the State Export-Import Bank of Korea signed a loan agreement worth nearly $ 5 billion. 6 trillion won, with Abu Dhabi National Oil Company, the state-owned oil company in the United Arab Emirates, officials said Monday.

The framework agreement was reached during a meeting between Eximbank CEO Bang Moon-kyu and Sultan Ahmed Al Jaber, CEO of ADNOC of the United Arab Emirates, held at the company’s headquarters on Sunday. petroleum. As part of the deal, Eximbank will grant loans to ADNOC projects if Korean companies win orders.

“(The agreement) should strengthen a cooperative relationship between the two institutions. Eximbank’s various financial programs will continue to help expand Korean companies’ overseas contracts, ”Bang said.

With the funding, the state-owned bank expects domestic companies to forge closer ties with their counterparts in the Middle East and other networks in the region that have great growth potential, officials said.

Founded in 1971, ADNOC is one of the world’s leading energy producers specializing in exploration, production, storage, refining and trading, as well as the development of petrochemicals. Local businesses have reportedly won contracts from the company worth a total of $ 6.8 billion since 2017, according to industry data.

By Choi Jae-hee ([email protected])

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